How did the crisis affect the real estate market or the demand for housing in Kazakhstan
Due to the pandemic, the demand for housing has fallen, apartment prices have decreased, and there is a shortage of primary housing.
On average, prices fell by 5-10% according to a report from analysts informburo.kz . The primary housing market is gradually emptying out, which affects the sale of secondary housing. Today, 90% of all transactions are conducted through subsidizing mortgage rates from housing program operators or second-tier banks. Thus, in order to compensate for the volume of housing purchases in cash, developers encourage buyers with discounts of up to 7%, which is explained by a decrease in supply in the primary housing market.
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